Summary
This 8-K filing from Johnson Controls International plc (JCI), dated June 26, 2007, primarily reports on the termination of a material definitive agreement. Specifically, it details the departure of Mr. Pillmore and the resulting termination of his employment agreement. The filing outlines the financial and benefit-related terms associated with his separation from the company, including severance payments, continued benefits, and options exercise provisions.
Key Highlights
- 1Termination of Mr. Pillmore's employment agreement due to his departure in connection with a separation transaction.
- 2Mr. Pillmore to receive a lump sum payment equivalent to two times his base salary and target annual bonus (or most recent annual bonus if higher).
- 3Entitlement to a pro rata portion of any annual bonus for the year of his retirement.
- 4Credit of two additional years of service for supplemental retirement benefits calculation.
- 5Continued participation in health and welfare plans for a period of two years post-departure.
- 6Ability to exercise vested options for a period specified by the grant terms or employment agreement, whichever is longer.
- 7Mr. Pillmore's governance responsibilities will be transitioned to the finance and law functions within the company.